New York’s October Sports Betting Revenues Hit Record $2 Billion

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New York has become the first state in the era of legalization to pass $2 billion in a single month’s handle, as reported in the New York Gaming Commission’s latest monthly update.

This groundbreaking record, set in October, was driven primarily by football betting on the NFL season. In particular, the Week 8 matchup between the New York Jets and Giants drew a lot of action.

The $2.01 billion in wagers were placed at eight New York online sports betting operators. That’s up 81% on August’s total handle, and up 30% on October 2022’s $1.54 billion.

The wager total is expected to increase further with the addition of figures from four New York retail sportsbooks.

FanDuel was the most popular sportsbook in the state for October, pulling ahead in the ongoing tussle with its main rival, DraftKings.

Dominant Players and Revenue Insights

FanDuel and DraftKings, the two most popular operators in the nation’s biggest sports betting market, played a significant role in the record-breaking handle.

Between them, they accounted for 77% of the total wagers in October.

FanDuel set a new record with an October handle of $891.9 million and revenue of $83.1 million, the highest for a single sportsbook in a month in the state and the U.S.

DraftKings, while experiencing a slight month-over-month decrease, still contributed a substantial $652.3 million handle.

Caesars Sportsbook came third for the month with a $193 million handle, translating to $5 million in revenue. Other operators, like BetRivers and BetMGM, also saw significant increases in their handles, contributing to the overall growth.

The least-popular option for New York’s sports bettors was Wynn Interactive’s newly relaunched WynnBET. It took in a $12.3 million handle, resulting in $313,000 in revenue.

The official stats still include Bally Bet. However, it has not taken any bets since July, when it closed to upgrade its platform. Its future in the New York market is uncertain.

Overall Market and Future Outlook

The state’s gross gaming revenue for October reached $166.3 million, with an 8.3% hold, nearly surpassing the September record.

This revenue resulted in $84.8 million in state taxes, contributing to the year’s total of $688.8 million. Notably, New York’s all-time mobile handle has now exceeded $31 billion, with operators’ revenue reaching $1.35 billion.

The $2 billion handle is way ahead of any other state. FanDuel alone took more bets in New York than the entire Virginia sports betting market in September, which was Virginia’s second-busiest month in its history.

For some more perspective, the newly launched Maine sports betting market is expected to take in a $15 million total handle in its first month.

That’s only just ahead of the $12 million October handle at the least popular operator in New York, WynnBET.

These figures also do not include New York retail sports betting at four sites. However, a record month would suggest they also could have done a brisk trade.

The market will soon expand, with retail sports betting included in almost all the multibillion dollar projects competing for one of three upcoming licenses to grow the list of New York casinos.

Looking ahead, December is traditionally a busier time of year for sports betting than October. In 2022, the handle rose 5% in December compared to October.

A similar rise this year would mean a $2.1 billion festive handle, so its possible New York could see another record-breaking month before the year is out.

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